| 1815.
CHAP. 140.
Proviso. |
LAWS OF MARYLAND.
and shall be capable in law to sue and be sued, to plead and be
impleaded, and to make and use a common seal, and the same at
their pleasure to alter or renew, and to purchase, hold, enjoy, improve,
dispose of and convey, any lands, tenements, hereditaments,
goods, chattels, and all manner of estates real, personal or mixed,
and generally to do and perform all such acts as may be necessary
for carrying on the manufacture of cotton, and any other manufacture
in their discretion, and the transaction of any other business
which may be conducive to the prosperity of such manufactures;
Provided, that the said company shall not at any one time
hold or possess more than one thousand acres of land, or hold or
possess real and personal estate together above the value of five
hundred thousand dollars. |
| Capital—Shares. |
2. AND BE IT ENACTED, That the capital stock
of said company
shall not exceed the sum of five hundred thousand dollars,
and shall be divided into shares of one hundred dollars each; and
every person who shall become the owner or one or more shares
of the said stock, by purchase, transfer, devise, or in a course of
distribution, shall thereupon become a stockholder in the said company,
and every person who shall be divested of all his stock in
the said company, by sale and transfer, or by operation of law,
shall thereupon cease to be a stockholder, and the said shares of
stock, as to all legal purposes, shall be deemed and considered as
personal estate, and shall be assignable in such manner, and under
such restrictions, as the by-laws and ordinances to be made by the
president and directors, or a majority of them, shall direct. |
On execution of
deed _____ persons
invested with
shares.
|
3. AND whereas, the said Edward Gray, Joseph
Tagert, William
Rogers and Robert Taylor, are joint owners of sundry tracts
of land, lying in Anne Arundel and Baltimore counties, on which
the cotton factory aforesaid, and other buildings, are erected, and
it is contemplated and intended that the said lands, factory and
improvements, shall constitute a part of the capital stock of said
company, at the estimated rate and value of one hundred and
twenty-nine thousand dollars; BE IT ENACTED, That on the execution
of a sufficient deed by the said Edward Gray, Joseph
Tagert, William Rogers and Robert Taylor, agreeably to the
laws of this state, conveying to the Patapsco Manufacturing Company
the lands, factory and improvements aforesaid, with the privileges
and appertenances thereunto belonging, in pursuance of
this act, they shall thereupon be entitled to and invested with
shares of stock in the said company, to the amount of the said
sum of one hundred and twenty-nine thousand dollars, in the following
proportions and numbers in severalty; that is to say, the
said Edward Gray two hundred and twenty-six shares; the said
Joseph Tagert four hundred and fifteen shares; the said Robert
Taylor two hundred and twenty-three shares; and each of the
said persons shall have full power as any other stockholder, to
sell, devise, or otherwise dispose of, all or any of the shares with
which he shall be so invested, and on being divested by transfer or
otherwise, of all his shares of stock, shall in like manner cease to
be a stockholder. |
| May receive subscriptions. |
4. AND BE IT ENACTED, That the said Edward
Gray, Joseph
Tagert, William Rogers and Robert Taylor, or such one of them
as the other shall authorise for that purpose, shall or may receive |
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